INSURANCE COMMISSION 194D

This query is : Resolved 

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If you've received a Rs. 20 Lakhs commission from an insurance policy, it's important to note that this income cannot be declared under presumptive assessment. You must maintain detailed financial records, including all bills and vouchers, to accurately reflect your income. The net profit you can declare, such as Rs. 7 Lakhs, will depend entirely on these documented expenses and income.

05 August 2025 SIR MY QUARY I RECEIVED COMMISSION FROM INSURANCE RS.20 LACS CAN I PROFIT SHOWING 7 LACS OR NOT

06 August 2025 The commission income cannot be declared under presumptive assessment. You need to maintain proper books of accounts with all the credit debit bill/vouchers. The net profit can be 7 lakhs or even lower based on the records.

24 September 2025 Good Luck...


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